核准通过，归档资料。 未经允许，请勿外传！ Ⅲ.外文翻译 外文翻译之一 The focus of working capital management in UK small firms（节选） Author：Carole Howorth，Paul Westhead Nationality：Nottingham NG8 1BB, UK Derivation: Management Accounting Research ,2003, –111 Abstract Working capital management routines of a large random sample of small companies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal components analysis and cluster analysis confirm the identification of four distinct ‘types’ of companies with regard to patterns of working capital management. The first three ‘types’ of companies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ were less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of companies. The results suggest that small companies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported. Conclusions and implications The aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the take-up of working capital management routines by small companies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the take-up of working capital management routines. Agency theory identified the influence of external stakeholders as
